Bitcoin bull Anthony Pompliano is betting big on digital art backed by blockchain technology.
The co-founder and partner at Morgan Creek Digital AssetsÂ saysÂ he has a â€œfairly highâ€ confidence level the fledgling industry could see a 6,000x increase in the future.
Pompliano notes that estimates indicate the value of the traditional art market in the past few years has hovered around $65 billion, compared to less than $10 million for the digital art industry. The traditional art market also outperformed the S&P 500 by more than 180% between 2000 and 2018.
Pompliano and his partner Jason Williams are buying on marketplaces like Nifty Gateway, which utilize non-fungible tokens (NFTs) to verify ownership of digital art.
Says the investor,
â€œSimilar to how Bitcoin is superior to gold in almost every way, digital art is superior to traditional art in almost every way also. A traditional piece of art is static and sits on a wall. There is no motion. The art does not change unless someone takes the art off the wall and hangs a different piece. Physical art is hard to move around the world, it can be easily damaged, and there is difficulty in proving what is authentic and what is not.â€œ
In comparison, Pompliano says digital art is immune to damage and is easily verifiable. He also notes that digital art can incorporate complex movement and motion and can be sent anywhere in the world with a few clicks.
To promote the growth of the market, Pompliano says Morgan Creek Digital is partnering with digital artists to bring attention to their work. Their first partnership is with a digital artist namedÂ FEWOCIOUS.